The Australian federal budget 2024 will help all Australians with energy bills and some with rent assistance – but others will lose.The Australian federal budget 2024 will help all Australians with energy bills and some with rent assistance – but others will lose.In providing $300 in savings to everyone’s energy bill, the Albanese government is hoping everyone considers themselves a winner with its 2024 budget.
Just under one million Australian households renting in the private market or from a community provider will enjoy a 10% increase on the maximum rate of rent assistance available to them under the scheme, as part of the changes that will take effect from September. This follows a 15% increase in last year’s budget.
The government has also allocated $6.7bn over the next 10 years on a Hydrogen Production Tax Incentive, which will pay $2 per kilogram of locally produced renewable hydrogen from 2027-28. Women will also benefit from higher rebates for longer consultations for patients with complex gynaecological conditions such as endometriosis, which the government will spend $49.1m subsidising.
Additionally, it will spend $3.4bn listing new medicines on the PBS, including medications for cardiac disease, and a breast cancer medication that will see per treatment cost cut from about $100,000 to $31.60. Fast track processing of passports will become an option from July. For an additional fee of $100, you can have your passport processed in just five business days.
For those renters eager to escape the constant fear of rent rises and buy their first home, there are no structural changes such as to negative gearing rules that would shake up the ownership dynamic of the housing market.
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